11 Apr

Gambling Online with BMO Account in Canada

Betting on Bank of Montreal – BMO Online Gambling Payments Canada

Betting on Bank of Montreal - BMO Online Gambling Payments CanadaEvery native Canadian has surely heard of, if not done business with, the great Bank of Montreal. It’s is, after all, the oldest bank in the country. Not quite the largest, mind you, but copious indeed. Its branches span every province and territory, from St. John’s, NL, to Whitehorse, YT.

As a method of payment for Canada’s myriad online gambling enthusiasts, Bank of Montreal – colloquially known as BMO, or among the French Canadian community, Banque de Montréal – there’s no better choice for banking. It is the top choice among Canadian banks that allow online gambling in 2022. While the majority of Canada’s financial institutions take great measures to thwart payments to/from international online casinos, sportsbooks, poker rooms and other iGaming websites, BMO still process these payments more often than not.

This guide will inform you about the many features and functionalities of BMO; specifically online gambling with a BMO account in Canada. You’ll learn about the institution, the different types of accounts and payment cards available, and additional ways to use your BMO account to deposit at online gambling sites.

How to Make BMO Online Gambling Payments

For your convenience, I’m kicking things off with a categorical table of contents. You can use it to you pin-point the exact information your looking for.

Table of Contents

  • Brief History of BMO – A quick look at the backstory of Canada’s oldest bank, from its 1817 founding to present.
  • BMO Branch Locations – How and where to find a Bank of Montreal branch near you, anywhere in Canada.
  • BMO Offerings – Explore the different types of bank accounts and credit/debit/prepaid cards BMO has to offer.
  • Success of iGaming Payments – Learn about the current success rate of BMO online gambling payments.
  • Other Ways to Pay w/ BMO – Find out what other methods of payment BMO supports (Interac, iDebit, etc.)
  • The Bottom Line – A concise summary of Bank of Montreal online gambling opportunities and obstacles.
DisclaimerNot all forms of gambling are legal in all provinces of Canada. The legal age to gamble also varies by province. Breaking the law is a serious matter. The information provided on this website is meant for educational purposes only, and we will not be held liable for any irresponsible / illegal activity on your part. Know the gambling laws in your province and follow them. The following pages provide more information on Canadian gambling laws:

Bank of Montreal – Two Centuries of Service

Canada’s oldest bank was founded in Montreal, Quebec as a private institution in 1817. At that time, it was known as Montreal Bank. Then in 1822, its small group of owners chose to go public, changing the name to Bank of Montreal.

Expansion began immediately thereafter with the purchase of Toronto’s Bank of the People. Branches soon spread eastward to Ottawa, and westward to Winnipeg. By the 20th century, BMO was operating in every province of Atlantic Canada, while continuing its push to the west. Today, there are more than 900 branches, serving more than 12 million customers across every province and territory of Canada.

Throughout the years, BMO’s head office has always been in Montreal. However, in 1977, the bank’s operational headquarters and executive offices set up shop in Canada’s financial hub of Toronto, Ontario. It is now the fourth largest bank in Canada, and ranks among the top ten largest in all of North America.

Back to Top

BMO Branch Banking Locations Across Canada

From Whitehorse, Yukon to St. John’s, Newfoundland, Bank of Montreal has branches all over Canada; more than 900 of them, in fact. After a couple centuries of expansion, you can rest assured, there’s a branch (and ATM), somewhere near you.

To find one, you could take a drive through any business district and look for the prominent BMO logo. Or, from any computer or mobile device, you can visit the following link and look one up.

Back to Top

Menu of BMO Accounts and Bank Cards

BMO is a multi-functional financial institution. They offer a wide range of services, including multiple types of accounts, a range of credit, debit and prepaid cards, as well as personal loan and mortgage opportunities, not to mention a variety of compatible online banking services.

Account Services

New members can open a BMO chequing/savings account in person or online in just a few minutes. All account services come with 24/7 online banking access and a 100% electronic banking safety guarantee.

Setting up Online Banking allows for secure, 24/7 access to check your balances, pay bills, transfer money and more. You’re protected with our 100% Electronic Banking Guarantee.

BMO Bank Accounts

BMO offers specials rates on most chequing account services for students, seniors, family bundles, etc.

  • Performance Chequing: “Most Popular” ($16.95mo, $0 w/$4k balance)
  • Premium Chequing: “Most Benefits” ($30mo, $0 w/$6k balance)
  • Plus Chequing: “Flexible, Budget Friendly” ($10.95mo, $0 w/$3k balance)
  • Practical Chequing: “Lowest Fee” ($4mo, up to 12 transactions/month)
  • Air Miles“For the Rewards Collector” ($16.95mo, 1ml/$30 with BMO Debit)

Savings Accounts

  • Saving Builder“Featured Savings Builder” (IR 0.05-0.5%)
  • Smart Saver Account“Highest Interest Rate” (IR 0.15%)
  • Premium Rates“Short Term Savings” (IR 0.01%, $0 min)
  • USD Premium Rate“Daily Interest on your U.S. Dollars” (IR 0.05%)

Credit Cards

BMO offers a wide range of credit cards to fit every person, every budget, every lifestyle. They come in Visa and MasterCard brands. The chart below offers all the basic details.

BMO Eclipse Visa Infinite Card
$120
annual fee
20.99%
for purchases
23.99%
cash advance
BMO CashBack MasterCard
$0
annual fee
19.99%
for purchases
22.99%
cash advance
BMO World Elite MasterCard
$150
annual fee
20.99%
for purchases
23.99%
cash advance
BMO Eclipse Visa Infinite Privilege Card
$499
annual fee
20.99%
for purchases
23.99% [21.99%]
cash advance [Quebec]
BMO Preferred Rate MasterCard
$20
annual fee
12.99%
for purchases
15.99%
cash advance
BMO Air Miles MasterCard
$0
annual fee
19.99%
for purchases
22.99% [21.99%]
cash advance [Quebec]
BMO CashBack World Elite MasterCard
$120
annual fee
20.99%
for purchases
23.99% [21.99%]
cash advance [Quebec]
BMO Air Miles World Elite MasterCard
$120
annual fee
20.99%
for purchases
23.99% [21.99%]
cash advance [Quebec]
BMO Rewards MasterCard
$0
annual fee
19.99%
for purchases
22.99% [21.99%]
cash advance [Quebec]
BMO U.S. Dollar MasterCard
US$35
annual fee
19.99%
for purchases
22.99% [21.99%]
cash advance [Quebec]
Student BMO CashBack MasterCard
$0
annual fee
19.99%
for purchases
22.99% [21.99%]
cash advance [Quebec]
Student BMO Air Miles MasterCard
$0
annual fee
19.99%
for purchases
22.99% [21.99%]
cash advance [Quebec]

BMO Debit Cards

Online Gambling with debit cardsEvery Bank of Montreal member is privy to a debit card, at no charge of course.  BMO debit cards are MasterCard branded and are accepted at all online and physical retail locations that display the MasterCard logo. Your BMO debit may also be used at any ATM that displays the Cirrus logo, domestic or international.

Debit card purchases may be subject to special rewards, depending on the type of chequing/savings account you link it to. For example, a BMO Air Miles Chequing Account earns 1 mile for every $30 spent with BMO debit.

Serving today’s technological age, BMO debit cards are also quite versatile. They can be linked to a variety of virtual payment accounts, such as Google Pay and Apple Pay.

Prepaid Gift Cards

Bank of Montreal members can apply for a BMO Prepaid MasterCard. It comes with an annual fee of just $6,95. There are no basic usage fees for using or reloading the card, although you may incur a fee for things balance refunds or inactivity. Because it is prepaid, there are no interest rates or cash advance charges.

A BMO Prepaid MasterCard works just like BMO credit or debit card, meaning you can spend it anywhere in the world the MasterCard logo is visible, and withdrawal cash from any ATM with the Cirrus logo. See the BMO Prepaid MasterCard Infosheet for more details.

Back to Top

Success Rate of Online Gambling with BMO

BMO’s success rate for online gambling payments is what you might call a mixed blessing. On the one hand, BMO has the highest acceptance rate of any Canadian bank issued debit cards. On the other hand, it’s not a great acceptance rate overall. Where BMO once had a very high rate of 80-90% success, it’s now down to about 50%.

Fortunately, there are alternative ways to use your BMO chequing account to deposit at online casinos, without the funds undergoing bank scrutiny. We discuss each of these in this next section…

Back to Top

Other Ways to Deposit with a BMO Account

If you’re having trouble depositing with a BMO debit card, EFT or eCheck, you’ve still got options. Bank of Montreal works with a number of internal payment systems, including Interac, iDebit and InstaDebit.

One thing these all have in common is that your bank only gets the basic details of each payment. BMO will know how much money is moving, and where to/from. However, it won’t scrutinize the payment any further. And if it’s not labeled for ‘gambling purposes’, BMO has no reason to reject it. 

Interac

Interac is Canada’s home-grown, autonomously integrated payment network. It was developed by the Big Five Banks back in 1984 to facilitate seamless inter-network transfers. Today, it is the system that facilitates more than 80% of the nation’s digital transactions; everything from direct deposits, to the swipe of a debit card. It’s also extremely useful for online payments, such as iGaming deposits. Some online casinos also promote Interac Online withdrawals. Simply look for the Interac, Interac Online, or Interac eTransfer logo at your favorite online casino.

iDebit

Similar to Interac, iDebit is a bank-to-bank payments system exclusive to Canadians. It creates a direct link between your bank and the merchant you’re transacting with, at the same time shielding your banking details. Like Interac, you don’t need to register any special account to use it. iDebit works through your existing online banking account. Plus, it’s supported by a large number of Canadian-facing international online casinos, sportsbooks, and poker rooms.

InstaDebit

InstaDebit is a lot like iDebit, except you’ll need to register a free account to use it. It takes a couple of days to link and verify that account, but once that’s done, payments are instant (as the name implies). InstaDebit payments are extremely secure, allowing quick transactions to offshore merchants without divulging your bank details. Online casinos that support InstaDebit should accept this method for both deposits and withdrawals.

Back to Top

The Bottom Line

Canada’s online gamblers would do well to bank with BMO. It’s spent the last two centuries expanding its reach and building trust with the nation’s community. BMO has the highest rate of success for online gambling debit card payments among the Big Five. Plus, if debit isn’t working for you, there are plenty of other online banking options that will.

Back to Top

#1 Canadian-Friendly Casino

RoyalVegas.ca is our editorial pick for your specific gaming needs in 2022. Currently offering an entire suite of live dealer games, as well as a wide range of Canadian deposit options, RV truly offers a world-class gaming experience.

(Remember to Gamble Responsibly)

www.RoyalVegas.ca
#1